March 9, 2010, 7:07 am

Freedom 75?

by: The Financial Blogger    Category: Financial Planning
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Life is full of irony! While my retirement goal is to stop being part of the rat race by 35, we see more and more people working pass the “normal” age of retirement of 65. I must admit that most of us will define themselves according to our job:

“Hello Mike, nice to meet you, tell me, what are you doing in life?”

A)   I am me.

B)   I am a father.

C)   I am a passionate man who loves watching hockey, playing golf, blogging, play soccer with my son and making pony tails to my little girl, and.. and.. bla blab la…

D) I am a financial planner / web entrepreneur

I can tell that most people will answer “D”. So if we define ourselves according to our job, what do we become if we quit working?

75 is the new 55

I don’t know if you remember this advertising campaign by London Life but I really liked it!

Many baby boomers dreamed about freedom 55. However, now they have reached this age, they realize they are in a much better shape than their parents or grand parents, that they are at the peak of their career (or close to be) and…. That they still have a mortgage!

Not so long ago, reaching the age of 65 meant that you had not much longer to live. Therefore, retiring at 55 while you are still able to get into a plane to travel down south (forget about backpack trips ;-) ) seemed logical. Now, we know that most people will live till 80…85… and probably 90! My own 2 grandmothers are still alive and they are 88 et 89. The worst part is that they are “top shape”; one of them take the plane twice a year, the other one only takes half a pill per day.

Retiring at 55 brings a lot of problems

Funny enough, retiring so young can bring it loads of problems:

#1 Money

.

How can you finance 35 years of retirement if you have start working at 30 and start saving at 45 once the kids are old enough and that your mortgage payment is not struggling you to death anymore. Unless you have a bullet proof pension plan, you will need more than 1M$ in cash at 55 if you want to retire.

#2 Society disconnections

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As I mentioned before, we all fine a great part of our life in our job. If we don’t have it, what will we become? Stats show that several young retirees go back to work or fall into a small depression 12 months after they left.

#3 Economic issues

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Having to finance your own retirement is one thing, but the “system” still needs 55 years-old workers. Who will finance the Government pension? The healthcare system? Our schools? For one of the very first time on this blog (and in my life in general), I am talking about a left wing idea. But seriously, if we want our kids to grow in the great country that we know as Canada today, we better keep working and pay our taxes… sigh… it still feel awkward to see those words written by my fingers ;-)

#4 Too many people golfing!

.

Hey boomers! Think about us! If you all quit at 55, how can I be able to have a place on a golf court! You must stay at work while I can enjoy life ;-)

Your take: When do you want to retire?

As I mentioned previously, my goal is to end the rat race sooner than later, however I don’t think I will stop paying taxes and make money that early. But what about you? When do you want to retire? Do you think you will be able to retire at 55? 65? Or never?

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Comments

After 15 years in the workforce as a full-time employee, I can’t imagine another 30 years of doing what I’m doing. I’d love to retire by 55, and we’ve been accelerating our mortgage payments a little bit at a time to try to make that happen. It involves some sacrifice now for a future payoff.

Unless I’m in a job that I truly enjoy — then, working past 55 might not be so bad!

I wish you the best of luck!
I am certainly with you as I truly want ot stop working 9-5 BEFORE 55 ;-)

At least you are correct in your assumption, retirement has nothing to do with age, just money. People who love what they do, always say they will never retire. I hope to be that person.

[...] Financial Blogger presents Freedom 75? posted at The Financial Blogger, saying, “Life is full of irony! While my retirement goal is [...]

Great thoughts. As a sort of retired guy who draws a pension but still works, I would say the key to knowing who you are is to do what you love. I don’t want to be identified as D, but rather A, B, and C who loves to do D. (But substitute grandchildren for children in C) .:)

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[...] Financial Blogger presents Freedom 75? posted at The Financial Blogger, saying, “Life is full of irony! While my retirement goal is [...]

[...] Financial Blogger presents Freedom 75? posted at The Financial Blogger, saying, “Life is full of irony! While my retirement goal is [...]

[...] Financial Blogger presents Freedom 75 posted at The Financial Blogger, saying, “Life is full of irony! While my retirement goal is [...]

[...] Financial Blogger presents Freedom 75 posted at The Financial Blogger, saying, “Life is full of irony! While my retirement goal is [...]

[...] Financial Blogger presents Freedom 75 posted at The Financial Blogger, saying, “Life is full of irony! While my retirement goal is [...]

[...] Financial Blogger presents Freedom 75 posted at The Financial Blogger, saying, “Life is full of irony! While my retirement goal is [...]